Thursday Jul 25, 2013

Upcoming Webcast: Transform Business Operations: BPS = Efficiency and Innovation

Transform Business Operations – buzz words in the insurance industry for sure.  But how can a carrier really accomplish this transformation?  How should you rethink the business you’re in and develop new ways to sustain a profitable, competitive advantage? How and where does BPS fit in this equation?

Cognizant and Oracle have a long and tested partnership with Cognizant utilizing Oracle Insurance Policy Administration for Life and Annuities processing that supports several of their clients and a broad spectrum of services for product rollout and versioning, policy administration integration, upgrade, and testing.  Join us on August 15, 2013, as Oracle and Cognizant industry experts team up for a joint webcast to share how these two companies have improved performance and productivity through end-to-end business processing. Topics to be discussed include:  

  • How an integrated BPM solution helps achieve business process automation
  • Lowering operational and conversion costs while enabling growth, product innovation and speed to market
  • Improving the customer experience and processing efficiencies through best in class technology platforms and service delivery
  • Consolidating multiple LOBs, increase workflow efficiency and boost workflow productivity and operational adeptness
  • Service oriented architecture providing enhanced capabilities for real-time business processing

Thursday, August 15, 2013
2:00 pm ET / 11:00 am PT
Register Today

Listen to the Related Podcast: Cognizant also recently discussed how their Business Process Services can help transform a carrier’s business operations through process modernization, automation, and providing the platform for carriers to become agile.  To deliver these Business Process Services, Cognizant often uses the core of the platform powered by best in class policy administration system, thereby leveraging their partnership with Oracle.  Download and listen to the podcast “Delivering Business Process Services.”

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Friday Oct 14, 2011

Defining the Rules for Rules-Based Systems

Replacing legacy IT infrastructure with modern, rules-based core systems is a hot topic and is receiving much attention in the industry—just open up a recent insurance technology print or online publication.

One of the carriers I spoke with last week at Oracle OpenWorld said this barrage of information had some within his company questioning what really defines a true, rules-driven policy administration system

Olivier Lafontaine, director of strategy and solutions for EquiSoft, helped to bring some clarity to this topic during his Oracle OpenWorld session, Policy Administration Implementation Levers for Mid-tier Life Insurance Carriers.

Lafontaine explained what distinguishes a rules-driven systemone that has been built from the ground upagainst those that are purported to be such systems (for example, a rules-engine inside a hardcoded system) is its capability to empower a team of business and technical users (actuaries, product managers, rules developers and others) to collaboratively configure transactions that support business process using business rules, without the need to customize or recompile the system’s core code or database structure.

Lafontaine went on to explain that a highly-configurable system that leverages business rules instead of requiring hard-coded customization can provide a carrier with newfound flexibility to:

  • React to market changes faster than the competition

  • Consolidate power in their nicheservice is key to the mid-market

  • Support new products and new distribution channels

  • Reduce operating costs by eliminating redundant tasks, automating transactions over time, and consolidate / optimize user tasks

To find out the more about rules-based policy administration, like Oracle Insurance Policy Administration for Life and Annuity, watch Lafontaine’s session online at Oracle OpenWorld On Demand—along with all keynotes, general and breakout sessions). You can also check out his Oracle OpenWorld interview on the Oracle Insurance YouTube channel along with interviews conducted with Oracle Insurance product strategy and industry leaders to learn more about Oracle’s rules-based, adaptive systems.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Friday Oct 07, 2011

Driving “The Need for Speed” for Insurance Carriers

Yesterday while watching The Blue Angels take to the skies over San Francisco in preparation for San Francisco Fleet Week I was reminded of a conversation that I had earlier this week with a client from an insurance carrier attending Oracle OpenWorld. In particular, it reminded me of the iconic line delivered by Tom Cruise’s naval aviator “Maverick” and his RIO “Goose” in Top Gun: “I feel the need…the need for speed.”

This customer, a technology leader for a Tier I carrier and also a fan of The Blue Angels, explained how his company’s previous legacy policy administration system had limited its ability to support the “need for speed”--ultimately constraining the ability to evolve and grow their business. Since implementing the Oracle Insurance Policy Administration the carrier has dramatically reduced its product development cycle and time to launch annuity products to market. It is also differentiating how it conducts business with its customers and distribution channel through improved speed of service.

In their session, “Adapt, Transform and Grow: Oracle’s Vision and Strategy for the Life Market,” at Oracle OpenWorld this week Kevin Walma, Chuck Johnston and Kate Fowler discussed key trends impacting how insurers are conducting business. They also highlighted the recent and planned investments in Oracle’s adaptive insurance solutions for life, health and annuities, including policy administration, data-as-as-service distribution, business intelligence and more.

You can learn more about Oracle Insurance’s commitment to this segment of the industry—and how its solutions are helping insurers drive their “need for speed” by watching Oracle Insurance YouTube video interviews with Walma and Fowler and Johnson .

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Friday Sep 16, 2011

Core Systems Modernization: Still a Top IT Priority for Insurers in Coming Decade?

Carrie Burns, editor of Insurance Networking News , wrote an interesting article this week highlighting Celent’s new report, “Reviving the Insurance Core Systems Business Case.”

 In “Core Systems Modernization a Concern for the Next Decade,” Burns notes that insurance technology experts have been discussing core systems modernization for the past decade—and based on Celent's research serious legacy modernization and transformation “will continue to be on insurers’ priority lists for the next decade.”

According to the article, the move towards action is a result of “more than just lack of functionality in legacy systems or the inability to quickly bring about organic growth by developing new products and markets. Difficulties in hiring qualified IT staff with the necessary skills to support legacy platforms are real, and most insurers expect this issue to get worse. Ultimately, Celent says, the business case for legacy modernization should support incremental improvements, which are realized as hard benefits, but also enable the strategic flexibility that will allow insurers to compete more effectively. 

“Some insurers know this and are moving forward, converting to modern approaches and languages, bringing new functionality online and enabling quick product introductions and organic growth.” Click here to read the full article. 

You also can learn more about how insurance carriers are modernizing their IT infrastructures with Oracle’s policy administration, revenue management and billing and other adaptive insurance solutions to better support their business during Oracle OpenWorld next month in San Francisco, Calif.  

The insurers I’ve spoken with who are already registered are looking forward to several key insurance-track sessions.  This includes the insurance keynote session “Make Your Next Move Count:  Priorities and Choices in Insurance Management” featuring Shohreh Abedi, CIO of Farmers Insurance, and Christopher Eberly, Distributor Services, Head of IT for ING.  Both will be joined for what promises to be a compelling and lively panel discussion by James Dewaker, Cognizant, and Oracle Insurance executives Don Russo and Chuck Johnston.  Click here to learn more or register for Oracle OpenWorld. 

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

 

 

 

 

 

 

 

 

 

 

 

 

 

Wednesday Sep 14, 2011

Why Your Proof-of-Concept Should Be a Proof-of-Capability

Policy administration systems are core to a carrier's operation. Replacing these systems presents more risk than nearly any other IT project. Carriers should carefully weigh the risks against the benefits as they build the business case for embarking on a modernization project.

In a previous Oracle Insurance Blog I highlighted best practices recommended bySecurian Financial Group's Denise Smieja about the company’s successful approach to replacing its legacy policy administration system. Smieja along with Roger Soppe, Oracle Insurance, were among Insurance & Technology magazine’s virtual roundtable of industry experts that recently weighed in on this topic. While Smieja offered insight on criteria carriers should consider when developing a request for proposal, Soppe focused on another critical step in the evaluation process: the proof-of-concept (POC).

In the article, Setting the Stage with a Solid Proof of Concept, Soppe noted that while many insurers are familiar with the idea of a POC, they may skip this important step due to time or budget constraints. He cited how a leading North American life insurance carrier demonstrated the value of a POC in proving the capabilities of the “people, process and technology” of the vendors and systems integrators being evaluated for its policy administration migration project.

“Other carriers can adopt this idea of a ‘proof-of-capability’ in their own policy admin transformation projects,” advised Soppe in the article. “This process reduces risk and helps build buy-in across the organization. This approach can be crucial to receiving a green light -- it is the final validation of all of the research and decision making that the carrier has done to date and sets the stage for success.”

Click here to read more or click here to download the Oracle Insurance strategy brief, “Proof-of-Concept Done Right: Mitigating the Risk of Policy Administration System Migrations.”

You can also learn more about Oracle Insurance and how insurance carriers are leveraging its solutions to adapt to change, better service customers, and better manage their business for compliance and growth at Oracle OpenWorld, next month in San Francisco, Calif.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

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Oracle's flexible solutions can help insurers navigate the change necessary to meet today’s challenges and have the business agility to be prepared for the future.

For mor information, visit oracle.com/insurance.

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